Planet Money – Maria Bamford gets personal (about) finance

Intro

In this episode of the “Planet Money” podcast, comedian Maria Bamford opens up about her personal finance journey and the lessons she has learned along the way. From negotiating pay for her commencement speech to her experiences with Debtors Anonymous, Bamford shares her insights on financial transparency and the importance of being open about money. Join us as we explore Bamford’s unique approach to personal finance and how it has shaped her career.

Main Takeaways

Lessons from Debtors Anonymous and Self-Help Groups

• Maria Bamford found herself in debt early in her career as a stand-up comic in LA.
• Through her participation in Debtors Anonymous and other self-help groups, Bamford learned valuable financial lessons and gained support from like-minded individuals.
• Writing down all debts and getting clarity on who you owe and how much can provide a sense of calm and control.
• Creating a pressure relief group with people from the program can provide accountability and granular advice on lowering expenses and increasing income.

The Power of Financial Transparency

• Maria Bamford is a strong advocate for open book accounting and shares her financial information with anyone who may have an interest.
• Being open about finances can help treat people fairly and allow for constructive criticism and feedback.
• Bamford published a month’s worth of her business’s accounting in her new memoir, demonstrating her commitment to financial transparency.
• She pays her employees fairly and includes their salaries in her financial transparency.
• Financial transparency can inspire others to be more open about their own earnings, as seen with Bamford’s opening act, Jackie Cation.

Negotiating and Knowing Your Worth

• Maria Bamford consulted with an 83-year-old friend’s father, a former aluminum siding salesman, for advice on negotiating her pay for her commencement speech.
• One important lesson Bamford learned was to never say no without a number when negotiating.
• She encourages others to channel their inner aluminum siding salesman and always negotiate for what they believe they deserve.
• Feedback from readers of her book has led Bamford to consider increasing her friend’s pay per show, highlighting the importance of ongoing evaluation and adjustment of compensation.

Summary

Lessons from Debtors Anonymous and Self-Help Groups

Maria Bamford’s journey to financial stability began with her involvement in Debtors Anonymous and other self-help groups. These programs provided her with a supportive community and practical strategies for managing her debt. By writing down her debts and seeking clarity on her financial obligations, Bamford experienced a sense of calm and control. Additionally, creating a pressure relief group allowed her to receive personalized advice on reducing expenses and increasing income. These lessons highlight the power of community and accountability in improving one’s financial situation.

The Power of Financial Transparency

Maria Bamford is a strong proponent of financial transparency, believing that open book accounting is essential for fair treatment and growth. By sharing her financial information with others, she invites constructive criticism and feedback, allowing for continuous improvement. Bamford’s commitment to transparency is evident in her decision to publish a month’s worth of her business’s accounting in her memoir. This level of openness extends to her employees, as she ensures they are paid fairly and includes their salaries in her financial transparency. Through her example, Bamford encourages others to embrace financial transparency and foster a culture of fairness and accountability.

Negotiating and Knowing Your Worth

One of the key lessons Maria Bamford learned in her financial journey was the importance of negotiating and knowing one’s worth. Seeking advice from an experienced salesman, she discovered the power of never saying no without a number when negotiating. Bamford encourages others to embrace their inner salesperson and advocate for themselves in financial discussions. Furthermore, she emphasizes the need for ongoing evaluation and adjustment of compensation based on feedback and market conditions. Bamford’s experiences highlight the significance of confidently negotiating for what one believes they deserve and continuously striving for fair compensation.

Conclusion

Maria Bamford’s personal finance journey offers valuable insights into the power of financial transparency, the benefits of participating in self-help groups, and the importance of negotiating and knowing one’s worth. By sharing her experiences and lessons learned, Bamford inspires others to embrace open book accounting, seek support from like-minded individuals, and confidently advocate for fair treatment in financial matters. Her unique approach to personal finance has not only improved her own financial situation but also empowered others to take control of their financial lives.